Many of us working in insurance harbour an aspiration to start our own businesses within the sector.
You may even have a close relationship with the sector but work outside it currently or can see the potential to make a career and some good money starting a brokerage.
Joining a network of appointed representatives (ARs) within the insurance industry can be a fantastic first step. As a leading AR network, we are governed and committed to maintaining the highest standards of professionalism, competence, and integrity. This commitment not only ensures our success but also protects the interests of our clients, other members of our network and aligns with the requirements of our regulator, the Financial Conduct Authority (FCA).
One of the key requirements set by the FCA for joining an AR network like ours is having relevant experience within the insurance industry, we ask for 5 years worth. You might wonder, why is this so important? Let us give you the reasons behind this requirement.
1. Understanding the Industry Landscape
The insurance industry is a highly regulated professional industry. Having prior experience in this field provides a solid foundation for understanding these intricacies. This knowledge is crucial for navigating the industry effectively with insurers, third parties, but most importantly serving clients’ needs to the best of your ability.
2. Ensuring Regulatory Compliance
As an AR, you will be expected to adhere to the FCA’s rules and regulations. These guidelines are designed to maintain the integrity of the financial markets and protect consumers. Prior experience in the insurance industry equips you with a better understanding of these regulations. Whilst we do equip all our brokers with the best technology to ensure compliant broking and advice, having a good level of industry experience vastly reduces the risk of non-compliant activities taking place which you may not be aware of.
3. Prioritising Consumer Protection
At the heart of the FCA’s mission is the protection of consumers. This aligns with our own commitment to our clients. Having prior experience in the industry means you’re in a better position to understand the needs of consumers and how to provide them with the products and services that meet their needs and requirements. This experience is invaluable in building trust and fostering long-term relationships with clients.
4. Enhancing Business Management Skills
Running a successful insurance brokerage involves more than just understanding insurance. It requires business acumen, including financial management, staff management, and strategic planning. Experience in the insurance industry often provides opportunities to develop these skills, preparing you for the challenges of managing a brokerage. We don’t doubt you have these skills, but it remains a requirement for them to also have been acquired within the insurance industry, this is where we can assist.
5. Demonstrating Professional Competence
The FCA requires that individuals performing certain roles within regulated firms are ‘fit and proper’. This means they must be honest, financially sound, competent, and capable. Prior experience in the industry can help demonstrate this competence and reassure both us and the FCA of your suitability for the role. We are not a black and white business by any stretch of the imagination and our goal is to enable business start-ups and give them everything they need to become successful, however we are governed by certain rulings.
In conclusion, while the requirement for previous experience might seem like a hurdle, it is a crucial step in ensuring that our network maintains the highest standards of professionalism and service. It’s about more than just ticking a box; it’s about ensuring that we, as the Movo Partnership, are equipped to navigate the complex landscape of the insurance industry, comply with regulations, protect our consumers, aid successful businesses as well as run a successful and thriving business ourselves.
If you’re an experienced insurance professional looking to join a network that values your expertise and supports your growth, we’d love to hear from you. If you don’t quite hit these criteria, we’d love to talk to you and aid you in taking your next steps in the industry. The Partnership is made up of a vast array of businesses and roles from broking to marketing, HR to accounts and everything in between. So still have a chat with us, we’d love to help you take the next positive step in your journey within the industry.
Your experience is a real strength in the insurance industry and building on this really creates value for you, your future customers and of course the longevity of the industry.
Please feel free to get in touch wherever you are on your current journey.
